If a homeowner has been considering moving his mortgage to another lender there has never been a better time to do this, as interest rates are so low at present, starting from about 1.98% for homeowners with at least a 40% deposit.
The main reason for this is that since the inception of the credit crunch, which is a pretty mild expression for the on going economic turmoil, many people have seen their incomes cut for a number of reasons.Some of the most unfortunate have lost their jobs and been thrown into the scrap heap of redundancy which could well be a very long protracted state of affairs, as the possibility of new positions being created in the job market seem remote at present.
Others have seen their overtime cut or their working week has been decreased to three or four days instead of the normal five. This makes it difficult for people to make ends meet.
However always pay heed to what your early settlement penalty might be if you settle your current mortgage early, as penalties can be steep.
For tenants, that is non homeowners, the situation can be very bleak, and when the financial worries become too bad to tolerate the only way to relieve the financial burden is to obtain the services of a debt management practitioner who can negotiate with creditors to ask them to accept lower repayments for your credit cards and loans.
However if you are a homeowner you really should consider taking out a remortgage and using it as a debt consolidation loan to refinance and roll all your financial outgoings into one much lower repayment.
Remortgages are no longer available at 100% LTV as they were before the recession when the Northern Rock granted mortgages and remortgages at 125% equity.
There are a few mortgage lenders who grant 95 % LTV mortgages, and even more at 90% but it is when the LTV is less than 75% LTV that remortgage rates become very cheap.
Home improvement loans arranged via the home improvement company normally have an interest rate of about 25% which is a million light years away from the remortgage rate. Remortgages can be used for almost any other legitimate purpose such as holidays, home improvements, weddings, motor home purchase, etc.
A very popular purpose for remortgages is to arrange debt consolidation which pays off the current mortgage, credit cards and personal loan debts into one, saving a fortune every month, and making the financial life of a homeowner better .
As remortgage rates are so good just now this is the ideal time to obtain a quotation. - 29904
The main reason for this is that since the inception of the credit crunch, which is a pretty mild expression for the on going economic turmoil, many people have seen their incomes cut for a number of reasons.Some of the most unfortunate have lost their jobs and been thrown into the scrap heap of redundancy which could well be a very long protracted state of affairs, as the possibility of new positions being created in the job market seem remote at present.
Others have seen their overtime cut or their working week has been decreased to three or four days instead of the normal five. This makes it difficult for people to make ends meet.
However always pay heed to what your early settlement penalty might be if you settle your current mortgage early, as penalties can be steep.
For tenants, that is non homeowners, the situation can be very bleak, and when the financial worries become too bad to tolerate the only way to relieve the financial burden is to obtain the services of a debt management practitioner who can negotiate with creditors to ask them to accept lower repayments for your credit cards and loans.
However if you are a homeowner you really should consider taking out a remortgage and using it as a debt consolidation loan to refinance and roll all your financial outgoings into one much lower repayment.
Remortgages are no longer available at 100% LTV as they were before the recession when the Northern Rock granted mortgages and remortgages at 125% equity.
There are a few mortgage lenders who grant 95 % LTV mortgages, and even more at 90% but it is when the LTV is less than 75% LTV that remortgage rates become very cheap.
Home improvement loans arranged via the home improvement company normally have an interest rate of about 25% which is a million light years away from the remortgage rate. Remortgages can be used for almost any other legitimate purpose such as holidays, home improvements, weddings, motor home purchase, etc.
A very popular purpose for remortgages is to arrange debt consolidation which pays off the current mortgage, credit cards and personal loan debts into one, saving a fortune every month, and making the financial life of a homeowner better .
As remortgage rates are so good just now this is the ideal time to obtain a quotation. - 29904
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